Françoise Clementi

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local currency

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A local currency – also know as a complementary or community currency – is tender which is officially separate from the government’s currency. It can only be used within a designated geographic area.
Complementary currencies can take a wide variety of forms to adapt and fit specific needs, but the main features of a complementary currency are that it earns zero or negative interest, it often comes with an expiry date, and its circulation is limited to a local ‘community’.
Complementary currencies are designed to keep money flowing within a particular geographic region, or within a certain network of businesses or individuals. They have also been used to promote eco-friendly behaviour by encouraging people to purchase local items, thereby reducing transport costs and emissions.
(source: http://www.meansofexchange.com/types-of-exchange/local-currencies/)

Synonyms:
community currency, complementary currency
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